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This summer, we added three new docs to our practice, all three fresh out of training. We have never hired more than two out of training at one time (and did that only twice in the last 22 years!). For reference, there are only currently 13 docs and one mid-level.
One of the newbs approached me earlier this week with a financial question, which I answered, which led to additional questions and discussion, which led to me sending him some articles and blog posts to read. Then, a light bulb ????went off. Perhaps I should buy him a copy of The White Coat Investor Book. Why stop there? I bought all three of them a copy and will drop it in their mailboxes this weekend, as an early Holiday gift.
It is certainly beneficial to these new docs, each with different backgrounds and personal circumstances, to get their careers off on a proper financial footing. Moreover, it is important to the practice for its members to be financially secure and savvy.
Over the course of my career, I have seen some of my partners make some ridiculous financial decisions (like the guy that bought a Maserati and then added a 25 year old Rolls Royce because the Maserati was lousy in the snow!), and these poor decisions can influence subsequent decisions that group makes regarding staffing, taking on new business, developing service lines, etc.
The partners that are strapped for cash, will do just about anything to make more of it, including sacrificing the quality of their work. The Maserati-RR guy started taking overnight night shifts on Sunday and would arrive at work on Monday morning exhausted and certainly not at the top of his game. He soon left our group to join one that makes more money, and while he was a friend and excellent rad, we were no longer getting his A game.
One of the newbs approached me earlier this week with a financial question, which I answered, which led to additional questions and discussion, which led to me sending him some articles and blog posts to read. Then, a light bulb ????went off. Perhaps I should buy him a copy of The White Coat Investor Book. Why stop there? I bought all three of them a copy and will drop it in their mailboxes this weekend, as an early Holiday gift.
It is certainly beneficial to these new docs, each with different backgrounds and personal circumstances, to get their careers off on a proper financial footing. Moreover, it is important to the practice for its members to be financially secure and savvy.
Over the course of my career, I have seen some of my partners make some ridiculous financial decisions (like the guy that bought a Maserati and then added a 25 year old Rolls Royce because the Maserati was lousy in the snow!), and these poor decisions can influence subsequent decisions that group makes regarding staffing, taking on new business, developing service lines, etc.
The partners that are strapped for cash, will do just about anything to make more of it, including sacrificing the quality of their work. The Maserati-RR guy started taking overnight night shifts on Sunday and would arrive at work on Monday morning exhausted and certainly not at the top of his game. He soon left our group to join one that makes more money, and while he was a friend and excellent rad, we were no longer getting his A game.
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